New India Assurance and General Insurance Corporation have seen a significant surge in their stock prices, with New India Assurance up 17% at Rs 204 and General Insurance Corporation up more than 12% at Rs 297 on the BSE. Both stocks have reached 52-week highs.
Additionally, Life Insurance Corporation of India has also seen an increase of 7% at Rs 662.
General Insurance Corporation has announced that a rating agency has re-affirmed their existing ratings and assigned an India National Scale Rating (NSR). The company’s Financial Strength Rating outlook has been revised to Positive from Stable, and its Long-Term Issuer Credit Rating outlook has been revised to positive from negative.
During an investor presentation, Neerja Kapur, CMD of New India Assurance Company, stated that the company faced challenges in Q2FY24, particularly due to CAT losses on account of floods amounting to Rs 301 crore. The aviation portfolio also experienced adverse development of about 50 Cr, and the foreign operations reported losses of about 71 Cr due to risk losses in Dubai operations and CAT losses in UK operations.
Despite these challenges, the Motor and Health portfolio registered growth, and the company expects improved results in the coming quarters. The Agency channel has also begun to grow at a healthy pace.
Overall, the companies are optimistic about delivering improved results in the near future.
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